Question 1

The trade of things of value between buyer and seller so that each is better off after the trade is referred to as __________.
A)financial remuneration
B)exchange
C)countertrade
D)barter
E)marketing

Accepted Answer

The definition given clearly describes exchange, which is the act of trading things of value between a buyer and a seller so that both parties benefit from the transaction. Financial remuneration refers to payment or compensation for services rendered, while countertrade is a complex form of international trade involving the exchange of goods or services instead of currency. Barter is the direct exchange of goods or services without the use of money, and marketing refers to the process of promoting and selling products or services.

Question 2

Four factors are required for marketing to occur: (1)__________; (2)a desire and ability of parties to be satisfied; (3)a way for the parties to communicate; and (4)something to exchange.
A)a healthy competitive environment
B)an affordable and actionable advertising campaign
C)a sense of social responsibility
D)an ability to see hidden potential within an environmental force
E)two or more parties (individuals or organizations)with unsatisfied needs

Accepted Answer

All four factors mentioned in the statement are necessary for marketing to occur, and only option E includes the requirement of two or more parties with unsatisfied needs, which fulfills the first factor. Options A, B, C, and D are not directly related to the four required factors for marketing.

Question 3

A business student is preparing for the Graduate Management Admission Test (GMAT)so he can get into a good graduate business school.He knows that any money he spends on a tutor will be well worth it if he can improve his scores.He's heard that there is a great tutor in his local community but has no idea who she is.To ensure that marketing occurs,he should
A)buy a GMAT study guide at the bookstore.
B)find out what the minimum score he needs to get into the school of his choice.
C)attempt to find the tutor via her website,flyers in the students lounge,or ads in college and local papers,or by asking his friends.
D)consider alternatives to graduate school in case the scores he receives on his own are not sufficient admission.
E)apply for delayed admission if he can't find this tutor.

Accepted Answer

The most effective way to find the tutor is to actively search for her through various channels such as her website, flyers, ads, or asking friends. This will ensure that the student can contact the tutor and potentially improve his GMAT scores. The other options, such as buying a study guide or considering alternatives to graduate school, do not guarantee the same level of success in improving his scores. Applying for delayed admission is also not necessary if the student can find a tutor to help him prepare for the GMAT in a timely manner.

Question 4

A local college of business offers an outstanding graduate business school education program.Cali pays the tuition to attend and earns her MBA with a concentration in marketing management.Upon graduating,she is offered a high paying,fulfilling position.Was this a marketing exchange?
A)No,because the university earned a profit from Cali's tuition.
B)No,because money was exchanged in the form of tuition and Cali's income will come from her employer,not the graduate school.
C)No,because the school did not provide Cali with a tangible product,only the potential of an education.
D)Yes,because the university promised Cali she would graduate on time,and she did.
E)Yes,because paying tuition was exchanged for knowledge that directly led to Cali's high paying,fulfilling new job.

Accepted Answer

This is a marketing exchange because there was an exchange of value between Cali and the college. Cali paid tuition for the knowledge and skills gained through the MBA program, which directly led to her high-paying job. The college provided Cali with the education and resources necessary to achieve her career goals. The fact that the college may have earned a profit or that Cali's income will come from her employer does not change the fact that this was a marketing exchange.

Question 5

The marketing department of an organization is responsible for facilitating __________.
A)relationships,partnerships,and alliances with the organization's customers,shareholders,suppliers,and other organizations
B)healthy competition with other product manufacturers
C)financial contracts with banks and other lending institutions
D)alliances with firms with non-competitive products that target similar markets
E)coordination between the various departments within the entire firm

Accepted Answer

The marketing department of an organization is responsible for facilitating relationships, partnerships, and alliances with the organization's customers, shareholders, suppliers, and other organizations. They aim to build and maintain positive relationships with these groups to promote the organization's products or services.

Question 6

The __________ department of an organization is responsible for facilitating relationships,partnerships,and alliances with the organization's customers,shareholders,suppliers,and other organizations.
A)purchasing
B)marketing
C)human resources
D)accounting
E)information systems

Accepted Answer

The marketing department is responsible for facilitating relationships, partnerships, and alliances with the organization's customers, shareholders, suppliers, and other organizations. Their main focus is on promoting the organization's products or services to potential customers and maintaining good relationships with existing customers.

Question 7

Four factors are required for marketing to occur: (1)two or more parties (individuals or organizations)with unsatisfied needs; (2)a desire and ability on their part to be satisfied; (3)__________; and (4)something to exchange.
A)a way for the parties to communicate
B)a healthy competitive environment
C)an affordable and actionable advertising campaign
D)a sense of social responsibility
E)an ability to see hidden potential within an environmental force

Accepted Answer

Without a way for the parties to communicate, they cannot express their unsatisfied needs or negotiate an exchange. Communication allows for the marketing process to take place.

Question 8

A student wants to buy a smartphone so she can share pictures with her friends.An insurance claims adjuster wants to buy a smartphone to document accidents (take pictures,write a report,etc.).If they both purchase the same model smartphone,such as an Apple iPhone,which statement is most accurate?
A)The adjuster is a prospective customer because the smartphone will be used for work; the student is only a secondary user since the purpose of the smartphone is just for entertainment.
B)Both the adjuster and the student are potential customers because in their own way,they both benefit from the product.
C)Neither the adjuster nor the student is a prospective customer since the company will pay for the adjuster's smartphone and the student's parents will pay for hers.
D)The student is the prospective customer since there are more students buying smartphones for personal use than there are insurance adjusters buying smartphones for business use.
E)Only a person who has bought a smartphone previously is a prospective customer; only previous owners of smartphones benefit from buying new ones.

Accepted Answer

Both the adjuster and the student are potential customers because they both have a need and benefit from the product in their own unique way. It does not matter who is paying for the product; what matters is the individual's personal use and benefit from the product.

Question 9

Which of the following statements about marketing departments is most accurate?
A)The marketing department should work solely with people within its own department.
B)The marketing department should suggest where a firm should invest its money based on its knowledge of the market and environmental forces.
C)The marketing department is only responsible for the 4 Ps,not the 7 Ps.
D)The marketing department is responsible for market research,supervision of product development,and product promotion.
E)The marketing department must work closely with a network of other departments and employees to help provide the customer-satisfying products required for the organization to survive and prosper.

Accepted Answer

The marketing department must work closely with other departments and employees in order to create and promote products that will satisfy customers and help the organization succeed. Option A is incorrect because collaboration with other departments is essential for a successful marketing strategy. Option B may be true, but it is not the most accurate statement about marketing departments. Option C is incorrect because the marketing department is responsible for all 7 Ps (product, price, place, promotion, people, process, and physical evidence). Option D is partially true as the marketing department is responsible for market research and product promotion, but it is not solely responsible for product development as other departments may also be involved in this process.

Question 10

All of the following are departments in a typical organization EXCEPT: A)finance. B)manufacturing. C)information systems. D)human resources. E)suppliers.

Accepted Answer

While suppliers are often an important part of an organization's operations, they are not typically considered a department within the organization itself. The other options listed (finance, manufacturing, information systems, and human resources) are common departments found in many organizations.

Question 11

Four factors are required for marketing to occur: (1)two or more parties (individuals or organizations)with unsatisfied needs; (2)a desire and ability on their part to be satisfied; (3)a way for the parties to communicate; and (4)__________.
A)an affordable and actionable advertising campaign
B)something to exchange
C)a healthy competitive environment
D)government approval
E)an ability to see hidden potential within an environmental force

Accepted Answer

The fourth factor required for marketing to occur is something to exchange. Both parties must have something of value to exchange in order for the transaction to take place.

Question 12

Marketing seeks to discover the needs and wants of prospective customers and satisfy them.Essential to this process is the idea of exchange,which refers to
A)the trade of things of value between buyer and seller so that each is better off after the trade.
B)the negotiation phase between the manufacturer and the seller.
C)the financial remuneration (monetary payment)for a product or service.
D)the transport of tangible goods to new owners.
E)the practice of swapping products and services for other products and services rather than for money.

Accepted Answer

Exchange refers to the trade of things of value between buyer and seller so that each is better off after the trade. This is the fundamental concept of marketing, where businesses provide products/services that fulfill the needs and wants of customers, and in turn, the customers pay for these products/services, benefiting both the buyer and seller. Choices B, C, D, and E are not correct definitions of exchange in the context of marketing.

Question 13

A church put advertisements in its weekly bulletins to encourage its members to participate in the services by telling a brief,positive story about how fellow members have helped them during times of need.Jack volunteered and shared his story during a service.Afterwards,he felt joyous.Was this an exchange in a marketing sense?
A)Yes,because the church ran an advertisement,a marketing activity.
B)No,because the church is nonprofit organization and these actions are expected without any expectation of "exchange."
C)No,because no money was exchanged.
D)Yes,because sharing his story at a service was exchanged for a feeling of joy.
E)No,because the church did not provide Jack with a tangible product or service.

Accepted Answer

The answer of A church put advertisements in its weekly...

Question 14

Which of the following is NOT an environmental force? A)economic B)commercial C)social D)regulatory E)technological

Accepted Answer

Economic, social, regulatory, and technological factors are all environmental forces that can impact a business. "Commercial" is not a recognized environmental force.

Question 15

In marketing,the idea of exchange refers to
A)the negotiation phase between the manufacturer and the seller.
B)the financial remuneration (monetary payment)for a product or service.
C)the trade of things of value between buyer and seller so that each is better off after the trade.
D)the bartering of products and services between non-governmental organizations or individuals.
E)the practice of swapping products and services for other products and services rather than for money.

Accepted Answer

The idea of exchange in marketing refers to the trade of things of value between buyer and seller so that each is better off after the trade. This can include the exchange of products for money or services for money, but it also includes non-monetary exchanges such as bartering or swapping goods and services. Option A only refers to a negotiation phase, while options B, D, and E are more narrow in their scope and don't fully encompass the concept of exchange in marketing.

Question 16

The American Red Cross created a series of advertisements to encourage people to donate blood.After viewing an ad,Amanda went to the local Red Cross office and donated a pint of her blood.Amanda returned home feeling happy that she had performed a good deed.Was this an exchange in a marketing sense?
A)Yes,because the blood was donated to the Red Cross based on an advertisement,a marketing activity.
B)Yes,because the donated blood was exchanged for a feeling of satisfaction.
C)No,because the Red Cross is nonprofit organization.
D)No,because no money changed hands.
E)No,because the Red Cross,a service organization,did not provide Amanda with a product.

Accepted Answer

In a marketing sense, an exchange occurs when something of value is given and received. Amanda donated blood and received a feeling of satisfaction in return, which constitutes an exchange.

Question 17

For marketing to occur,there must be two or more parties with unsatisfied needs.Dr.Pepper Snapple Group distributes Country Time lemonade in cans through supermarkets at a price comparable to that of soft drinks.The most likely "second" party needed for marketing to occur would be
A)people who are nostalgic about childhood summers.
B)people with a desire for a beverage other than soda or water.
C)product demonstrators who offer samples of Country Time lemonade to shoppers at local supermarkets.
D)a local distributor of alcoholic beverages.
E)a nutritionist promoting the benefits of fresh fruit in people's diets.

Accepted Answer

The first party with unsatisfied needs is the consumers who desire a beverage other than soda or water. The second party needed for marketing to occur would be a provider of Country Time lemonade, in this case, Dr. Pepper Snapple Group, who can offer the product to meet the consumers' needs. Choice A may be a factor in creating a target market, but it is not necessary for marketing to occur. Choices C, D, and E are not relevant to the scenario.

Question 18

Which of the following conditions are necessary for marketing to occur?
A)two or more people,a method of assessing needs,a way to communicate,and an exchange
B)two or more people,a product,a reasonable price,and a place to make an exchange
C)a quality product,a fair price,a clever method of promotion,and a place where a customer can buy the product
D)two or more parties with unsatisfied needs,a desire and an ability to satisfy them,a way to communicate,and something to exchange
E)an ability to see a hidden trend within an environmental force,a product,and an affordable and actionable advertising campaign

Accepted Answer

Marketing can only occur when there are two or more parties with unsatisfied needs, a desire and ability to satisfy them, a way to communicate, and something to exchange. The other options include some of the necessary components, but not all of them.

Question 19

Four factors are required for marketing to occur: (1)two or more parties (individuals or organizations)with unsatisfied needs; (2)__________; (3)a way for the parties to communicate; and (4)something to exchange.
A)a healthy competitive environment
B)government approval
C)an affordable and actionable advertising campaign
D)a desire and ability on their part to be satisfied
E)an ability to see hidden potential within an environmental force

Accepted Answer

Both parties must have unsatisfied needs in order for marketing to occur. However, it is not enough to simply have unsatisfied needs - the parties must also have a desire and ability to be satisfied through the exchange. This is why choice D is the best option. Choices A, B, and E are not relevant factors for marketing to occur. An affordable and actionable advertising campaign may assist in marketing efforts, but it is not a required factor for marketing to occur.

Question 20

The Terrafugia Transition is a 19-foot,two-seater road-drivable,light-sport aircraft with an anticipated price of $279,000.The most likely prospective customers for this flying car would include
A)students interested in science fiction.
B)retired seniors receiving social security.
C)executives for whom time is extremely important.
D)teens who like to try new things.
E)families in need of a second vehicle.

Accepted Answer

The Terrafugia Transition is marketed as a solution for executives who need to save time by avoiding traffic congestion and airport check-ins. The high price tag also suggests that the target customers are individuals with a high income level.

Quiz 1: Creating Customer Relationships and Value Through Marketing

The trade of things of value between buyer and seller so that each is better off after the trade is referred to as __________.

Four factors are required for marketing to occur: (1) __________; (2) a desire and ability of parties to be satisfied; (3) a way for the parties to communicate; and (4) something to exchange.

A local college of business offers an outstanding graduate business school education program.Cali pays the tuition to attend and earns her MBA with a concentration in marketing management.Upon graduating,she is offered a high paying,fulfilling position.Was this a marketing exchange?

The marketing department of an organization is responsible for facilitating __________.

The __________ department of an organization is responsible for facilitating relationships,partnerships,and alliances with the organization's customers,shareholders,suppliers,and other organizations.

Four factors are required for marketing to occur: (1) two or more parties (individuals or organizations) with unsatisfied needs; (2) a desire and ability on their part to be satisfied; (3) __________; and (4) something to exchange.

A student wants to buy a smartphone so she can share pictures with her friends.An insurance claims adjuster wants to buy a smartphone to document accidents (take pictures,write a report,etc.) .If they both purchase the same model smartphone,such as an Apple iPhone,which statement is most accurate?

Which of the following statements about marketing departments is most accurate?

All of the following are departments in a typical organization EXCEPT:

Four factors are required for marketing to occur: (1) two or more parties (individuals or organizations) with unsatisfied needs; (2) a desire and ability on their part to be satisfied; (3) a way for the parties to communicate; and (4) __________.

Marketing seeks to discover the needs and wants of prospective customers and satisfy them.Essential to this process is the idea of exchange,which refers to

Which of the following is NOT an environmental force?

In marketing,the idea of exchange refers to

The American Red Cross created a series of advertisements to encourage people to donate blood.After viewing an ad,Amanda went to the local Red Cross office and donated a pint of her blood.Amanda returned home feeling happy that she had performed a good deed.Was this an exchange in a marketing sense?

For marketing to occur,there must be two or more parties with unsatisfied needs.Dr.Pepper Snapple Group distributes Country Time lemonade in cans through supermarkets at a price comparable to that of soft drinks.The most likely "second" party needed for marketing to occur would be

Which of the following conditions are necessary for marketing to occur?

Four factors are required for marketing to occur: (1) two or more parties (individuals or organizations) with unsatisfied needs; (2) __________; (3) a way for the parties to communicate; and (4) something to exchange.

The Terrafugia Transition is a 19-foot,two-seater road-drivable,light-sport aircraft with an anticipated price of $279,000.The most likely prospective customers for this flying car would include